Wave 2 (ABC correction) almost complete?
Updated
If the price finds support at this level then bullish divergences will be visible on the 1H, 2H, 3H, 4H and 6H charts on RSI and MACD. If this happens then i will consider that the ABC correction (WAVE 2) of the 5 waves up (WAVE 1) from 6k to 11.7k is complete and i will target at least a 1 to 1 extension of WAVE 1 which is at 11.8k.
Wave 1 6k - 11.8k
Wave 2 11.8k - 7.3k (~ 0.786 retrace)
Wave 3 11.8k (at least 1 to 1 extension of wave 1)
Wave 4 small retrace because Wave 2 retraced to ~ 0.786 level (assuming the correction ended at 7.3k) but it could also send us down creating a wave failure if we have a tripple top
Wave 5 (if wave 3 is only a 1 to 1 extension of wave 1 than i will target the 1.61 extension for wave 5)
Wave 1 6k - 11.8k
Wave 2 11.8k - 7.3k (~ 0.786 retrace)
Wave 3 11.8k (at least 1 to 1 extension of wave 1)
Wave 4 small retrace because Wave 2 retraced to ~ 0.786 level (assuming the correction ended at 7.3k) but it could also send us down creating a wave failure if we have a tripple top
Wave 5 (if wave 3 is only a 1 to 1 extension of wave 1 than i will target the 1.61 extension for wave 5)
Trade active
IMHO the correction is complete and now (if there is no wave failure) we will go in 5 waves to at least 11.7k.Note
(small error, the 1 to 1 extension of wave 1 is at ~ 13k, the 0.786 extension is at 11.8k and this is my first target because it might create a triple top and send us down again)
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